limited legal investments

limited legal investments
A term of significance to trustees. This term as used in the New Jersey Prudent Man Investment Statute, does not make such investments any less legal than the fiduciary investments authorized by other statutes and labeled "legal investments"; the limitation relates solely to the percentage of the trust which the trustee may invest therein. Fidelity Union Trust Co. v Price, 11 NJ 90, 93 A2d 321, 35 ALR2d 980.

Ballentine's law dictionary. . 1998.

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